Australia: Carbon tax repeal Bill tabled
The Prime Minister of Australia on 13 November 2013 tabled a bill canceling controversial carbon tax throughout the first session of parliament. The government is hoping to repeal the carbon tax in
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MoreAustralia: Push for G20 tax action
The Australian Prime Minister has started his nation's G20 Presidency with a call for enhanced international tax arrangements. The G20 presidency goes to Australia from Russia. At the point when leaders met in St. Petersburg in September, they
See MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreAustralia: E-commerce registration threshold for non-resident remain unchanged
The Australian Goods and Services Tax (GST) registration threshold for e-commerce on-line sales to consumers has been kept unchanged by the Australian government. Despite this the government intends to begin a review into the GST threshold for
See MoreAustralia: GST fraud in gold industry is in target
The Australian Tax Office (ATO) on 30 October 2013 announced that it is investigating companies within the gold bullion sector for a total of AU$65 million ($61.5 million) of alleged goods and services tax (GST) fraud. The investigation is a part
See MoreAustralia: Fuel tax credits and carbon pricing
The new Coalition Government of Australia discharged draft enactment regarding to the proposed nullification of the carbon pricing mechanism. This holds some key perspectives concerning fuel tax credit, customs duty and excise. Submissions are
See MoreAustralia may limit employment-related tax benefits
Australia has made a decisive step towards imposing restrictions on certain employment-related tax benefits which may include reforms in fringe benefits tax (FBT) and superannuation provisions. The new measures would adjust the caps outlining
See MoreAustralia: Documentation of R&D activities
As like other nations, Australia gives tax relief to companies taking part in research and development activities. However companies need to hold satisfactory documentation to show that their activities fall inside the meaning of these activities
See MoreAustralia: Draft Bill to repeal carbon tax
The Australian Prime Minister and Environment Minister on 15 October 2013 announce that the government has released draft legislation to repeal the carbon tax for public consultation. As per the government, the first enactment they will table in
See MoreAustralia: Under carbon tax emissions would Rise
The Ministry of Environment of Australia has said that the Australia’s projected emissions for the period from 2010 to 2020 would go up from 560m to 637m tones under the carbon tax. The Minister’s argument is that the carbon tax would damage
See MoreAustralia: Start date to offshore banking unit reforms delayed
The Government of Australia has delayed the start date (1 October) for the reforms to the offshore banking unit (OBU) regime. In the 2013 budget, the Australian government reported the proposition to change some OBU provisions to address existing
See MoreAustralia: Profit shifting through the artificial loading of debt
Two key issues have emerged for taxpayers, with the arrival of an Australian Treasury Paper, addressing profit shifting through the artificial loading of debt in Australia. Effective from 1 July 2014, the safe harbour for debt has been diminished
See MoreAustralia: Changes to unfair dismissal related thresholds
Changes to numerous employment related financial thresholds which are listed every year have been proclaimed by the Australian Government. These are applicable from first July 2013. Both the employer and employee will be required to enter into an
See MoreAustralia: Liabilities classification for Thin Capitalization
As a consequence of changes to Australia’s thin capitalization rules taxpayers may need to review their thin capitalization position. Now every entity must have to consider whether their liabilities are debt or non-debt and the effect on the
See MoreAustralia: Prepare for an Australian Taxation Office (ATO) review
Australia is increasingly giving attention to transfer pricing issues and has recently introduced changes in the law to align the transfer pricing rules more closely to the OECD Guidelines. Taxpayers need to be completely ready for an Australian
See MoreAustralia: Effective date of new Transfer Pricing rules
The new transfer pricing rules introduced by Australia are effective for years starting on or after 1st July 2013 and will apply to the transactions of all multinational entities operating in Australia. Before documenting their assessment forms,
See MoreAustralia wants to expand excise duty on tobacco
The Government of Australia wants to expand excise duty on tobacco to raise an additional A$5.3 billion ($4.7 billion) in income. An organized 12.5 percent rise in the excise duty will be acquainted from 1 December 2013 to help the budget to surplus
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